DAILY EUR/USD TECHNICAL OUTLOOK
Last Update At 26 Apr 2016 00:10GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
1.1265
55 HR EMA
1.1260
Trend Hourly Chart
Sideways
Hourly Indicators
Rising
13 HR RSI
58
14 HR DMI
+ve
Daily Analysis
Consolidation b4 decline resumes
Resistance
1.1351 - Last Wed's Australian low
1.1309 - Last Fri's high
1.1278 - Y'ay's high
Support
1.1216 - Mon's 3-week low
1.1168 - 100% proj. of 1.1465-1.1234 fm 1.1399
1.1144 - Mar 24 low
EUR/USD - 1.1270.. Although euro opened marginally lower to 1.1216 on Mon, price then moved steadily higher in Asia n Europe, then later briefly pene- trating 1.1270 (last Thur's low) to 1.1278 in NY after downbeat U.S. data.
. Looking at the bigger picture, despite euro's rebound to 1.1399 last Thur, Fri's break of previous sup at 1.1234 to 1.1218, then marginally lower to 1.1216 y'day confirms MT uptrend fm 1.0523 (2015 Dec) has formed a top at Apr's 5-1/2 month peak at 1.1465 n consolidation with downside remains for weakness to 1.1105, then later twd 1.09 94 next month, being 'minimum' 38.2% r n a 'natural' 50% r of aforesaid rise fm 1.0821-1.1465. As daily technical indicators are turning down, selling euro on recovery is recommended. On the upside, above 1.1309 (last Fri's high) would signal decline fm 1.1465 has made a temporary low n may risk 1.1349/51 b4 prospect of another fall later this week.
. Today, euro's intra-day rise fm said y'day's 3-week trough at 1.1216 sug gests a temporary low has been made n 1-2 days of consolidation is in store, as long as 1.1309/10 res holds, another leg of decline to 1.1180/85 would be seen. Only abv 1.1309 may risk stronger retracement to 1.1340/50 b4 retreat._20160426071411.png)
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